MIAMI—After Blanca Commercial Real Estate drove up occupancy on the 91,285-square-foot class A office building, New Boston Fund has sold it to Ivy Realty. Financial terms of the Waterford Centre's sale were not disclosed.

Waterford Centre is a six-story office building in the Blue Lagoon Business Park at 6205 Blue Lagoon Drive in Miami. Built in 1999, the building fronts the Dolphin Expressway, immediately across from the Miami International Airport.

“Having successfully increased property occupancy to over 90%, we felt the capital market conditions made this the right time to sell this asset,” says Jon Gillman, a senior vice president of asset management at New Boston. “We've seen tremendous enhancement of the property's value since we acquired it in 2012, due to both the outstanding quality of tenants and the upgraded amenities.”